Discussion Board Business Law

Maria and Sylvia have always wanted to start their own restaurant business and be an entrepreneurs. As entrepreneurs, they must decide whether the business should operate as a general partnership or as a limited partnership. Which is the better choice?

NOTE: Remember to consider flexibility of decisions, restrictions and personal liability. For example, a limited partnership, one of the partners is limited and are not involved in the day to day management as well as having limited liability if something happens to the business. A general partnership involves an agreement of how the partnership will be managed, outlining the roles of each partner. However, in a general partnership the partners may be personal liable for debts of the business.